Qargo, a Belgium-based transportation management system (TMS), has secured $33 million in a Series B funding round led by Sofina, with participation from Balton Capital. The round brings Qargo’s total funding to $54 million. The cloud-based TMS platform aims to digitize operations for carriers, freight forwarders and third-party logistics providers.
Since entering the European market less than 18 months ago, Qargo has quadrupled its customer base and grown its revenue fivefold. The company expanded from two to six European logistics markets during that time.
According to a company news release, Qargo’s platform’s AI engine has helped logistics companies automate many parts of their end-to-end transportation workflows, including order creation, route planning, trip optimization, load building, invoicing and booking time slots for warehousing. The automation has helped customers reclaim 75% of their time previously spent on these manual tasks.
The rise of agentic AI and its incorporation into TMS platforms also has boosted Qargo’s platform by reducing its overhead costs and enabling it to grow its scale.
The recent funding follows Qargo’s Series A round in May. Customer invoicing processed through Qargo’s platform rose from $560 million to $2.5 billion annually as its customer base expanded from about 100 to more than 400.
“This round is a strong endorsement of our progress and our mission to modernize transport management,” said Adriaan Coppens, CEO and co-founder of Qargo, in a company news release. “Since our Series A, we’ve grown revenue, our customer base and our team at an exceptional pace while remaining highly capital efficient. The Series B funding allows us to continue investing and growing the team so that we can keep offering the same level of customer service.”
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